The Caixin-Sinica Business Brief, episode 65

Kaiser KuoOctober 15, 2018Comments Off on The Caixin-Sinica Business Brief, episode 65

Welcome to the 65th installment of the Caixin-Sinica Business Brief, a weekly podcast that brings you the most important business stories of the week from China’s top source for business and financial news. Produced by Kaiser Kuo of our Sinica Podcast, it features a business news roundup, plus conversations with Caixin reporters and editors.

This week:

We find out that Chinese stocks fell to four-year lows last week, following a sharp decline in the U.S.

We hear that two years after becoming one of the world’s 10 most valuable public companies, social networking giant Tencent has passed a less flattering milestone by crashing out of the same elite club.

We learn that Alibaba founder Jack Ma 马云, who plans to become a teacher after retiring next year, has reclaimed the title of richest man in China, with a fortune of $39 billion, according to the latest Hurun Rich List.

We discuss a new report that finds out that the value of Chinese outbound mergers and acquisitions slumped in the first half of the year, as countries that included the U.S., Germany, and Australia imposed restrictions on deals, and China tightened controls on overseas spending.

We note that the U.S. Treasury Department has found that China isn’t manipulating the yuan, as the Trump administration prepares to issue a closely watched report on foreign currencies, sources told Bloomberg.

We dive into an outlook report published by the OECD and the UN, which predicts that China’s dinner tables will be getting meatier over the next decade, which will have a significant impact on the international agriculture trade.

We report that Hong Kong is planning a total ban on electronic cigarettes. If passed, the ban would place the city alongside over a dozen countries that have outlawed e-cigarettes, which typically allow users to inhale nicotine and flavorings heated by battery-powered elements without the burning that traditional cigarettes require.

We analyze the news that veteran regulator Yao Gang 姚刚, a former vice chairman of the China Securities Regulatory Commission, has been sentenced to 18 years in prison for taking bribes and insider trading.

In addition, we talk with Fran Wang, economics reporter for Caixin Global, about an interview with Yi Gang 易纲, the head of People’s Bank of China, China’s central bank. We also chat with Doug Young, managing editor at Caixin Global, about a company called Brilliance Auto and its partnership with BMW.

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A worker waters the flowers and plants in front of the local government building in Qingdao, Shandong Province, on the October 1 National Day. In the background, the Chinese propaganda characters can be translated as “[Xi Jinping] Thought on Socialism With Chinese Characteristics for a New Era” and “Striving for the Great Rejuvenation of the Chinese Dream.”